Long Beach has just upped its game in tackling housing affordability, cutting the ribbon on a new development that promises to provide much-needed relief to low-income families and older adults who've struggled without a home. The city's latest venture, Wellspring, stands at 1500 E. Anaheim St., in the heart of Cambodia Town, offering 87 budget-friendly rental units designed to help those earning between 30% and 60% of the area's median income. According to information from the City of Long Beach, twenty of those units are earmarked for older adults who have been previously homeless.
During the well-attended ceremony, attendees like Mayor Rex Richardson hailed the development as a guiding light for Long Beach's commitment to creating affordable living spaces. "Building and maintaining the City’s affordable housing options continues to be a leading priority for Long Beach," Richardson said, echoing the city's ongoing mission to support its residents. Aside from residential spaces, Wellspring will also house a health clinic and wellness center run by TCC Family Health, set to open its doors this fall.
The project, which has been in the pipeline since June 2019, is jointly financed through partnerships and loans, including a substantial $4 million from The Long Beach Community Investment Company (LBCIC) to fill in the funding gaps of the $57.7 million project. State funding also played a significant role, with $1 million coming from a state contribution thanked by Senator Lena Gonzalez, aiming to make the community health aspect of the project a reality.
"The LBCIC is committed to investing our resources into developments like Wellspring that help fill the critical need for additional affordable housing in Long Beach," said Mary Castro, Chair of The LBCIC, acknowledging the challenges many face securing a roof over their head. Echoing Castro's sentiments, Ken Lombard, President and CEO of BRIDGE Housing, celebrated the partnership that brought Wellspring to fruition, "The co-location of these 87 affordable apartments with comprehensive health and wellness services will bring long-term benefits to the entire Cambodia Town community," Lombard told the City of Long Beach in a recent statement.
